1. A Maersk, but focused on shipping massive quantities of dry bulk commodities like iron ore and grain, rather than containerized goods.

2. The Union Pacific of the seas, moving massive amounts of raw materials like iron ore and grain globally.

• Dry Bulk Cargo Transportation Services: Providing global maritime shipping for various dry bulk commodities, including iron ore, coal, and grain.
• Vessel Chartering: Leasing out their dry bulk vessels to customers under time charter agreements (for a specific period) or voyage charter agreements (for specific cargo shipments).

• Trafigura Pte Ltd.: A privately held multinational commodity trading company, which accounted for 19.5% of EuroDry's voyage revenues in 2021.
• Phoenix Commodities DMCC: A privately held commodity trading company, which accounted for 10.6% of EuroDry's voyage revenues in 2022.

• Eurobulk Ltd. (Private Company)

Aristides J. Pittas, Chairman, Chief Executive Officer and President

Mr. Pittas has served as Chairman and Chief Executive Officer of EuroDry since its inception in January 2018. He has also been Chairman and Chief Executive Officer of Euroseas Ltd. since May 2005. Mr. Pittas is the founder and President of Eurobulk Ltd., a ship management company, since January 1995, and the founder and President of Eurochart S.A., a shipbroking company, since 1997. He also serves as a director of Arimanios (Cyprus) Ltd., a private investment company, since 2016. His previous roles include managerial positions at Oceanbulk Maritime SA, Varnima International SA, and Eleusis Shipyards SA. He holds a B.Sc. in Marine Engineering and an MSc in Ocean Systems Management and Naval Architecture and Marine Engineering from the Massachusetts Institute of Technology.

Dr. Anastasios Aslidis, Director, Chief Financial Officer and Treasurer

Dr. Aslidis serves as the Chief Financial Officer, Treasurer, and a Director of EuroDry. He holds a Ph.D.

Aristides P. Pittas, Vice Chairman

Mr. Pittas has been the Vice Chairman of the Board of EuroDry since its inception in January 2018. He has been a shareholder in over 100 oceangoing vessels over the last 20 years. Since February 1989, he has served as the Vice President of Oceanbulk Maritime SA, a ship management company. He holds a B.Sc. in Economics from Athens School of Economics.

Symeon Pariaros, Chief Administrative Officer

Mr. Pariaros serves as the Chief Administrative Officer for EuroDry.

Stephania Karmiri, Secretary

Ms. Karmiri holds the position of Secretary for EuroDry.

EuroDry (EDRY) is expected to drive future revenue growth over the next 2-3 years through a combination of fleet expansion and renewal, capitalizing on anticipated improvements in dry bulk market fundamentals, and benefiting from global trade dynamics:

1. Fleet Expansion with Eco-Friendly Newbuilds: EuroDry has strategically invested in two new eco-friendly 63,500 DWT Ultramax bulk carriers, scheduled for delivery in the second and third quarters of 2027. This expansion will increase the company's fleet from 13 to 15 vessels, boosting its total cargo capacity and strengthening its position in the profitable Supra/Ultramax segment.

2. Fleet Renewal and Enhanced Operational Efficiency: The company is actively pursuing a fleet renewal program, replacing older Panamax vessels with newer, more fuel-efficient Ultramax models. This strategy aims to enhance operational performance, reduce fuel consumption, and comply with stricter environmental regulations (such as EEDI phase 3), potentially leading to better chartering opportunities and improved profitability.

3. Anticipated Improvement in Dry Bulk Market Rates: EuroDry management is cautiously optimistic about a market recovery, expecting potential improvements in charter rates by Q2 2025. The company's strategy includes deferring long-term time charters until daily rates reach $15,000 or higher, aiming to secure more cash-flow-accretive contracts as the market strengthens.

4. Favorable Supply-Side Dynamics: The dry bulk shipping sector is experiencing limited fleet growth due to historically low orderbooks, increased slow steaming practices, higher scrapping rates, and the impact of environmental regulations. These factors are expected to constrain the available dry bulk fleet, thereby supporting demand and potentially leading to higher charter rates.

5. Strong Global Demand for Dry Bulk Cargoes: Future revenue growth is also expected to be supported by robust global demand for dry bulk commodities. This demand is driven by significant energy and infrastructure projects announced by various governments, particularly in emerging markets like India and China, which are forecast to be primary drivers of global economic growth in 2025 and 2026.

Share Repurchases

• EuroDry initiated a share repurchase plan of up to $10 million in August 2022.
• As of August 2025, the company had repurchased 334,000 shares for a total of $5.3 million under this program.
• The $10 million share repurchase program has been extended twice, including for an additional year from August 2025.

Inbound Investments

• In October 2023, EuroDry formed a joint venture with investors represented by NRP Project Finance AS, who acquired a 39% ownership stake in two Ultramax vessels (M/V Christos K and M/V Maria). This joint venture helps to fund fleet growth without diluting shareholders.

Capital Expenditures

• Capital expenditures were $65.3 million in 2023 and $8.7 million in 2024, with trailing twelve-month expenditures (as of June 2025) at $8.15 million.
• The primary focus of capital expenditures is on fleet renewal and growth through selective acquisitions of quality vessels, including eco-vintage vessels.
• EuroDry has two 63,500-dwt Ultramax bulk carriers on order, scheduled for delivery in the second and third quarters of 2027.